Retire at 55

[Zighy1]

Hoping to retire next year at 55. I will have worked 39 years by then. Fellow early retirees what are your lessons learned? Any regrets? I am looking forward to being able to exercise, explore, and slow down but am realistic that I will miss the money. How soon do you adapt?

[BeyondMyWits]

I took early retirement (civil service "gold plated" pension.... not a huge amount after only 15 years but it pays some bills) at 55 after some health scares. I picked up a 12hr a week part time retail job which keeps me social and pays for half of the uni accomodation for both dds.

[DaphneduM]

We retired seven years ago, husband at 57, me 61. For the first five years we did all the usual things - husband volunteering and walking, me zumba, pilates, meeting friends for coffee and lunch, days out etc and lots of reading and gardening. Absolutely lovely after a lifetime of stressful jobs. Two years ago decided to move nearer our daughter and it's great - but slightly different. My husband still volunteers and walks, I've now got to spend time with my daughter and we look after our little grandson two days a week. Have so loved laying out a new, smaller garden. And the novelty of furnishing a much more modern house, compared to our old cottage. We feel lucky that we've had seven years so far, we don't have a massive retirement income and husband still hasn't got his state pension yet, but have savings. Life is short, so important to do what suits you. It does take effort to scaffold life post retirement, but there's so much out there to do.

[Annabelle69]

@LaurenKelsey You've got the retirement I want, the only difference to our lives is you play piano, I ride my mountain bike. Another 3ish years until I'm 55, snd counting...

[LucentBlade]

coogee thanks for the link, both DH and I are old enough so it won’t affect us.

[lentilsforever]

[quote Zighy1]@secretbookcase This is how I hope my week will be post retirement. I will take 6 months or so to reset then get a part time job for a small income and just make the most of my days. I won't be cash rich but time rich. After years of full time work, children's demands, parents getting older etc I want "me" time. I also want to travel a little while I am younger. Time is relentless and before you know it another year has gone.[/quote]
I think rather unrealistic to think that after six months “reset” you’ll easily be able to pick up a perfect part time work in your late fifties. Just like that.
I suspect that poster reduced her hours with her existing employer
Is that an option?

[AnyFucker]

Am going to pm you

[AnyFucker]

34

[Onandoff]

[quote AnyFucker]@Onandoff I get virtually the same income from working 2 days + my pension as I did before I retired

It’s a no-brainer really. But I am very lucky.[/quote]
That’s interesting. How many years had you worked in the NHS? Am tempted to do the same…

[RampantIvy]

I'm 63 and work part time. I love my job and am nowhere near ready to retire. DH is very unsociable and doesn't like doing anything interesting much other than walking or going to the pub, so I would find retirement rather dull.

[Shehasadiamondinthesky]

I'm 60 and work full time in the NHS. I cannot bear the thought of retiring and giving up work, I want to work until 70 if possible.
i just love the cut and thrust and problem solving and just generally being busy.
I have friends and do things out of work and a loving DS and Dil but just love my job, even more so during coronavirus because I felt much more useful.
I think part of me would shrivel up and die if I gave up work.
Still everyones different.

[AnnieSnap]

I retired 7 years ago, aged 55. At first I felt a bit at sea, as my professional being was a big part of my identity. After a few months, I started to work a couple of days a week freelance and found that a nice balance. That is slowly winding down now, but I’m ready for that and having no time when I have to do anything. I enjoy the freedom from work. I am a member of a good health club and have time to make the most of that, have dogs so get out and about with them to lovely walking places, bought a new bike which I love, really enjoy books and most of the year, enjoy gardening. My Husband retired 5 years before me. We have been together 13 years, married for 6. We were with the wrong people for 30 years and have a lot of time to catch up on. So we enjoy doing a lot of stuff together.

[coogee]

@LucentBlade Depending on your age it may not affect you.

The Government has closed a loophole in its plans to raise the minimum pension age from 55 to 57, to avoid confusion and the risk of fraudsters exploiting savers.

The age when you can start tapping your private retirement savings is due to move to 57 from April 2028.

But under the initial plans, people affected by the change who transferred to a scheme with a 'protected' pension age' by April 2023 could gain access to their money at the old lower age.

A barrage of industry criticism and calls for a rethink prompted the Treasury to announce that unless you are currently in the middle of doing a pension transfer, the option of doing this to still benefit from an age 55 threshold was removed as of last night.

www.thisismoney.co.uk/money/pensions/article-10165143/Government-u-turn-rules-pension-age-rise-55-57-2028.html

[ChazsBrilliantAttitude]

dina

You are young enough that small changes can make a longer term difference.
If you go on a mortgage overpayment calculator you can see how relatively small overpayments early on in your mortgage have a significant impact on the term over time.
Similarly, pensions and investments can build up substantially with small investments over the longer term.
My biggest piece of advice is to beware lifestyle creep, the pressure to get the bigger house and the newer car. If you get a pay rise do you need to spend it all or can some of the money be put to good use.
We could have a bigger house but we've decided to favour investments instead. Now that we are in our 50s those decisions feel like good ones. The mortgage will be gone in the next 5 years instead of running past my 65 birthday and we have investments and reasonable pensions that make retiring earlier possible.

[AnyFucker]

@Onandoff I get virtually the same income from working 2 days + my pension as I did before I retired

It’s a no-brainer really. But I am very lucky.

[LucentBlade]

dina10

Stuff you have sadly missed, cheaper housing and defined benefits pension schemes.

All you can attempt is have a well paying career and a well paid long term partner.

We also had investments that did well but bit volatile these days.

[LucentBlade]

What’s that coogee had a quick google and couldn’t find anything about a legislative change.

[coogee]

I planned on retiring at 55 but I see that the government have just moved the goalposts again meaning that I can’t access my pension until 57 now

[ElvisPresleysSideburns]

I retired quite early, at 47. It was probably a bit too early if I'm honest and it took me a while to find my rhythm.

That was five years ago and now, at 52, I've settled in to it. I've taken up running during lockdown and have more time to bake, read, sew and go dancing! I still have a high school age son at home, which helps keep me in some sort of routine.

I look back now and am so happy the stresses of running my own business are behind me.

[dina10]

I'm so jealous. How did you all manage this?

I'm in my thirties, and on my mortgage application I put that I'd retire at 70

Any advice on doing it younger??

[Onandoff]

@AnyFucker

I flexibly retired at 55 and stayed in the same job 2 days/week.

I love it as I still feel too young to be “retired”. It gives me more time with grandchildren and to be more present for my adult kids that I am very close to.

The weeks whizz but round to my 2 days in work but I feel I still need that challenge (fast moving, stressful job). My sleep patterns are all over the place but I am a chronic insomniac anyway.

How does it compare financially? Am toying with doing the same but my ESR seems out of date.

[lentilsforever]

Do you enjoy your work? Nice colleagues etc?

[Ghostlyglow]

I retired last Friday! Obviously a bit too soon to give a proper opinion at this point but I will say that I am ridiculously happy . I'm 56 in a couple of days.

[Zighy1]

Wow you have all really inspired me and I am know counting the days to my 55th. I have lots of plans including a rescue dog so thank you all.

[CarrieMoonbeams]

I retired at 54, but I was self employed for the previous 20 years so I could suit myself really. DH retired about 3 months later.

I took my occupational pension - from my previous employment - when I was 55. I chose to maximise the lump sum and minimise the monthly payments.

I love it! We've always taken on rescued dogs, but we've now got so many of them and other rescued pets that they take up a significant part of the day.

In our spare time, we cook, read, we go out for lunch, I volunteer with Cats Protection, we have a NTS membership and membership of the nearest zoo, we love our garden, and we're active in the local community. DH sometimes takes on extra voluntary roles but I don't as I also have a lot to do for my mum and my brother.

Never regretted it for a minute!

[DroopyClematis]

Retired earlier this year at 57. My husband retired two years ago at 60.
There's so much for us to do. Our garden is a source of much of our enjoyment but being able to holiday, outside of term time is so lovely. ( I was previously a HLTA.) and it's so much cheaper!!!

We do what we want, when we want and it's bliss!